Question 1

The existence of a seal eliminates the need for the elements of a valid contract.

Accepted Answer

The existence of a seal does not eliminate the need for the elements of a valid contract. A contract still requires offer, acceptance, consideration, capacity, and legality even if it is executed under seal. However, a seal can have legal significance in certain jurisdictions, such as extending the statute of limitations or creating a presumption of consideration.

Question 2

One of the requirements in a contract is that there be an exchange of consideration between the parties.Explain what is meant by consideration.

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Question 3

A reasonable price paid for requested services is referred to in law as ________.

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Question 4

Discuss the implications of a creditor agreeing to take less in full satisfaction of a debt.

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Question 5

Joe made an offer to sell his car to Harry,promising to keep the offer open for a week.However,he changed his mind,sold the car to someone else,and phoned Harry to inform him that he was withdrawing his offer because he had sold the car to someone else.Harry was angry and said that he wanted the car and was going to hold him to his promise to hold the offer open for a week.He sued for breach of contract.Will he win? Explain.

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Question 6

Discuss the "freedom of contract," explaining what the implications and limitations are in the context of contract law.

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Question 7

Joe owed Sam $500.Two days before the money was due,he came to Sam and told him he couldn't pay the $500,but if Sam would accept $300 right then,in full satisfaction of the debt,he would pay him that amount.Sam agreed,then later sued for the other $200.Will he win?

Accepted Answer

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Question 8

Joe,a university student,parked his car near Harry's garage and went away to attend classes.Harry had noticed that there was glass on the street when he came to work that morning and was not surprised when he saw that several of the students' cars parked in that location subsequently had flat tires.He went around when he had time during the day,to each of those cars,fixed the tires and put a bill on each vehicle charging $15 for the service.Joe had come back during the day and noticed his flat tire,and when he came back that evening was grateful that it had been fixed.He went over to the garage to thank Harry and told him that he would be happy to pay the $15,but he couldn't do it until next week.In fact,he failed to pay the money,and Harry sued him for breach of contract.Explain the likely outcome.

Accepted Answer

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Question 9

What is promissory estoppel?

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Question 10

Discuss the requirement of consideration and its role and value in the formation of contracts.In your answer,be sure to deal with the issue of fairness in the bargaining process.

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Question 11

In the Pharmaceutical Society of Great Britain v.Boots Cash Chemists (Southern)Ltd.,case,it was decided that goods displayed on the shelf in a self-service merchandising situation were an invitation to treat rather than an offer.Discuss.

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Question 12

Discuss the validity of online transactions and the related issues that arise in transacting business over the Internet.

Accepted Answer

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Question 13

Joe owed Sam $500.Two days after the money was due,he came to Sam saying he couldn't pay the $500,but if Sam would accept $300 as full payment,Joe would pay him right then and there.Sam agreed and the money was paid.Sam then sued for the other $200.Will he win?

Accepted Answer

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Question 14

Discuss the requirement of consensus in the formation of contract.In your answer,consider the role of offer and acceptance and also look at the degree of understanding required between the parties.

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Question 15

A one-sided promise the courts will not enforce is known as ________.

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Question 16

"One of the basic precepts in contract law is that any bargain struck must be fair to be enforceable." Explain the accuracy of that statement.

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Question 17

Explain the postbox rule and discuss its relevancy in the modern business world.

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Question 18

Discuss the requirements for a valid offer,explaining both how an offer is to be communicated and how such an offer can be brought to an end.

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Question 19

The courts will use quantum meruit to determine what should be paid when a person providing services is not allowed to finish by a breaching party.

Accepted Answer

Quantum meruit is a legal principle used to determine reasonable compensation when one party breaches a contract or agreement and the other party has already partially fulfilled their obligations. The courts will determine a fair and reasonable payment based on the value of the work already completed, even if the contract was not fully performed.

Question 20

What is "quantum meruit"?

Accepted Answer

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Quiz 6: The Elements of a Contract: Consensus and Consideration